PATRIZIA Management

Management criteria checks 2/4

We currently do not have sufficient information about the CEO.

Key information

Asoka Wohrmann

Chief executive officer

€1.8m

Total compensation

CEO salary percentage	35.8%
CEO tenure	1.5yrs
CEO ownership	n/a
Management average tenure	2yrs
Board average tenure	2.3yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Asoka Wohrmann's remuneration changed compared to PATRIZIA's earnings?
Date	Total Compensation	Salary	Company Earnings
Sep 30 2024	n/a	n/a	-€21m
Jun 30 2024	n/a	n/a	-€4m
Mar 31 2024	n/a	n/a	-€2m
Dec 31 2023	€2m	€633k	€6m

Compensation vs Market: Asoka's total compensation ($USD1.84M) is about average for companies of similar size in the German market ($USD1.46M).

Compensation vs Earnings: Insufficient data to compare Asoka's compensation with company performance.

CEO

Asoka Wohrmann (59 yo)

1.5yrs

Tenure

€1,766,000

Compensation

Dr. Asoka Wohrmann serves as an Executive Director since 2024 at Patrizia SE. He was Chief Executive Officer of DWS Group GmbH & Co. KGaA since October 25, 2018 until June 09, 2022. He serves as Chief Exec...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Asoka Wohrmann	Chairman of Management Board	1.5yrs	€1.77m	no data
Wolfgang Egger	Founder	22.3yrs	€1.42m	no data
Christoph Glaser	COO, Member of Management Board & Executive Director	2.6yrs	€1.47m	no data
Martin Praum	CFO & Executive Director	less than a year	no data	no data
James Muir	Head of Investment Division & Executive Director	less than a year	no data	no data
Peter Helfrich	Regional Head of South-West Europe	no data	no data	no data
Marcus Cieleback	Chief Economist	no data	no data	no data
Konrad Finkenzeller	Head of Client Division & Executive Director	7.1yrs	no data	no data
Philip Irons	Managing Director of Transactions for UK & Ireland	4.2yrs	no data	no data
Edward Pugh	Head of Sustainability	less than a year	no data	no data
Johannes Altmayr	Head of Acquisitions	no data	no data	no data
Jan-Hendrik Jessen	Senior Fund Manager	no data	no data	no data

2.0yrs

Average Tenure

56yo

Average Age

Experienced Management: PAT's management team is considered experienced (2 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Asoka Wohrmann	Chairman of Management Board	less than a year	€1.77m	no data
Wolfgang Egger	Founder	2.3yrs	€1.42m	no data
Christoph Glaser	COO, Member of Management Board & Executive Director	no data	€1.47m	no data
Jonathan Feuer	Independent Deputy Chairman of the Board	2.3yrs	€153.00k	no data
Saba Nazar	Independent Non-Executive Director	2.3yrs	€84.50k	no data
Uwe Reuter	Independent Chairman of the Board	2.3yrs	€186.00k	no data

2.3yrs

Average Tenure

59yo

Average Age

Experienced Board: PAT's board of directors are not considered experienced ( 2.3 years average tenure), which suggests a new board.

PATRIZIA Management

Management criteria checks 2/4

Key information

Recent management updates

PATRIZIA SE, Annual General Meeting, Jun 12, 2024

Patrizia AG Announces Executive Changes

High number of new and inexperienced directors

Patrizia AG, Annual General Meeting, May 25, 2023

Patrizia AG Announces Executive Changes

Patrizia AG Names Christoph Glaser to Assume Responsibility for Risk Management, Investor Relations, and Procurement

Recent updates

Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind

PATRIZIA SE (XTRA:PAT) completed the acquisition of an additional 11.67% stake in Greenthesis S.p.A.

PATRIZIA SE (XTRA:PAT) completed the acquisition of a 28.33% stake in Greenthesis S.p.A. (BIT:GTH) from Planesys S.P.A.

PATRIZIA SE to Report Fiscal Year 2024 Results on Feb 27, 2025

Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind

Price target decreased by 7.4% to €9.58

PATRIZIA SE to Report Q3, 2025 Results on Nov 13, 2025

PATRIZIA SE to Report Fiscal Year 2024 Final Results on Mar 21, 2025

Now 21% overvalued

Upcoming dividend of €0.34 per share

First quarter 2024 earnings released: EPS: €0.05 (vs €0.15 in 1Q 2023)

Full year 2023 earnings released: EPS: €0.068 (vs €0.083 in FY 2022)

Third quarter 2023 earnings: EPS and revenues exceed analyst expectations

PATRIZIA SE to Report First Half, 2024 Results on Aug 14, 2024

TEP VII fund managed by PATRIZIA SE (XTRA:PAT) acquired Piacenza Business Park from AKNO Group SA for €70 million.

PATRIZIA SE (XTRA:PAT) acquired Large Urban Logistics Portfolio in Sweden from ÄLta Fastigheter Ab.

Second quarter 2023 earnings released: €0.075 loss per share (vs €0.019 profit in 2Q 2022)

PATRIZIA SE, Annual General Meeting, Jun 12, 2024

Investika Realitni Fond, Otevreny Podilovy Fond a fund managed by Investika, Investiana Spoleanost, A.S. acquired Royal Trakt Offices Building from PATRIZIA SE (XTRA:PAT).

Now 20% undervalued after recent price drop

Price target decreased by 11% to €11.52

PATRIZIA SE to Report Fiscal Year 2023 Results on Mar 22, 2024

Lakeward Real Estate AG acquired office building in Stuttgart from PATRIZIA SE (XTRA:PAT).

Lakeward Real Estate AG acquired office building in Stuttgart from PATRIZIA SE (XTRA:PAT).

Upcoming dividend of €0.33 per share at 3.9% yield

Patrizia AG Announces Executive Changes

Full year 2022 earnings released: EPS: €0.08 (vs €0.54 in FY 2021)

Price target increased by 11% to €13.16

TEP VII managed by PATRIZIA SE (XTRA:PAT) and Realm Management Limited completed the acquisition of Ringsted Outlet Center P/S from Agat Ejendomme A/S (CPSE:AGAT) and CapMan Real Estate Oy.

SBT Immobilien Gruppe acquired Two properties in Saarbrücken from PATRIZIA SE (XTRA:PAT).

TEP VII managed by PATRIZIA SE (XTRA:PAT) and Realm Management Limited agreed to acquire Ringsted Outlet Center P/S from Agat Ejendomme A/S (CPSE:AGAT) and CapMan Real Estate Oy for DKK 390 million.

TEP VII managed by PATRIZIA SE (XTRA:PAT) and Realm Management Limited agreed to acquire Ringsted Outlet Center P/S from Agat Ejendomme A/S (CPSE:AGAT) and CapMan Real Estate Oy for DKK 390 million.

PATRIZIA SE (XTRA:PAT) acquired Advantage Investment Partners.

Price target decreased to €11.82

High number of new and inexperienced directors

Third quarter 2022 earnings: EPS and revenues exceed analyst expectations

PATRIZIA SE to Report Fiscal Year 2022 Results on Feb 28, 2023

PATRIZIA SE (XTRA:PAT) acquired The Eight Building from Ekistics Property Advisors LLP.

Sidra Capital acquired The Bower office in Stockley Park from Clearbell Property Partners II LP managed by Clearbell Capital LLP and PATRIZIA SE (XTRA:PAT) for £74 million.

PATRIZIA SE (XTRA:PAT) acquired Purpose-Built Student Accommodation (PBSA) scheme in Turin for €70 million.

PATRIZIA SE to Report Fiscal Year 2022 Final Results on Mar 23, 2023

PATRIZIA SE to Report Fiscal Year 2022 Results on Mar 23, 2023

PATRIZIA SE (XTRA:PAT) acquired Two student accommodations in Barcelona.

Kvitebjørn Varme AS acquired SAREN Energy AS from PATRIZIA Infrastructure Debt Partners II managed by PATRIZIA SE (XTRA:PAT).

Price target decreased to €24.18

Second quarter 2022 earnings released: EPS: €0.02 (vs €0.12 in 2Q 2021)

Patrizia AG, Annual General Meeting, May 25, 2023

Patrizia AG to Report First Half, 2023 Results on Aug 11, 2023

Patrizia AG (XTRA:PAT) acquired ANNA building complex from Aurelis Real Estate GmbH.

Patrizia AG Announces Executive Changes

Upcoming dividend of €0.32 per share

Price target decreased to €24.92

Price target decreased to €26.12

First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind

Patrizia AG Revises Earnings Guidance for 2022

IMAXXAM Asset Management GmbH acquired Retail park near Kiel from Patrizia AG (XTRA:PAT).

Patrizia AG Names Christoph Glaser to Assume Responsibility for Risk Management, Investor Relations, and Procurement

Full year 2021 earnings: EPS and revenues miss analyst expectations

Now 20% undervalued after recent price drop

Deka Immobilien Investment GmbH, on behalf of its institutional clients acquired Cologne office property Kranhaus 1 from Patrizia AG (XTRA:PAT).

Patrizia AG (XTRA:PAT) acquired Prime office building in Heidelberg from Curzon Capital Partners 5 Long-Life LP, managed by Tristan Capital Partners Holdings Ltd and DW Real Estate GmbH.

M&G Real Estate acquired Multi-let Holdings in Altrincham, Haydock and Aintree from Patrizia AG (XTRA:PAT) for approximately £170 million.

Patrizia AG (XTRA:PAT) completed the acquisition of a 30% stake in Whitehelm Capital from Challenger Limited (ASX:CGF) on February 2, 2022.

Patrizia AG (XTRA:PAT) agreed to acquire Barcelona Residential Portfolio for €600 million.

Patrizia AG (XTRA:PAT) acquired Portfolio of student accommodation in Denmark from Deutsche Finance International LLP for approximately €310 million.

Patrizia Logistik-Invest Europa III and Patrizia Paneuropean Property Limited Partnership, managed by Patrizia AG (XTRA:PAT) acquired Smartlog Maasvlakte distribution centre in Rotterdam from David Hart Group for €230 million.

Third quarter 2021 earnings released: EPS €0.15 (vs €0.12 in 3Q 2020)

Upcoming dividend of €0.30 per share

Patrizia AG (XTRA:PAT) acquired 30% stake in Whitehelm Capital from Challenger Limited (ASX:CGF) for €32 million.